Estate Planning Around Farms Difficult But Critical Step

(WNAX) — Agriculture is in one of the largest generational transitions in history, and that means estate planning is critical.  That planning can be one of the hardest, but most important steps a family can take to preserve their farm for the future.
Attorney Carolyn Thompson of Thompson Law in Sioux Falls shared that message at the recent Ag Outlook meeting.  She has worked with thousands of clients over the last twenty years, and says the hardest part is getting started…

Thompson says producers shouldn’t think they can write the plan on their own, but need to look to their attorney for guidance…

She says after farmers come up with a legacy plan, they should review it from time to time to make sure it still fits the operation. Then they should take pride in the end product…

Thompson says a carefully written estate plan can be one of the greatest expressions of love in a family as it avoids costly probate, and needless fights.